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December 14, 2017

Best 15 Markets Yesterday

CountryChangePct
CHILE2.91
GREECE2.89
QATAR2.52
TRINIDAD AND TOBAGO2.22
MEXICO1.65
SOUTH AFRICA1.46
CHINA1.21
FINLAND1.00
NEW ZEALAND1.00
AUSTRALIA0.94
HONG KONG0.86
COLOMBIA0.81
CZECH REPUBLIC0.78
HUNGARY0.71
SWITZERLAND0.66

Worst 15 Markets Yesterday

CountryChangePct
ZIMBABWE-2.10
UNITED ARAB EMIRATES-1.74
BOSNIA AND HERZEGOVINA-1.74
NIGERIA-1.59
KENYA-1.57
ITALY-1.17
MAURITIUS-1.17
UKRAINE-0.97
BOTSWANA-0.94
SRI LANKA-0.92
ISRAEL-0.83
AUSTRIA-0.81
BELGIUM-0.80
NORWAY-0.78
BANGLADESH-0.74

Best 10 Markets YTD

CountryChangePct
ZIMBABWE166.08
ARGENTINA75.17
JAMAICA72.36
KAZAKHSTAN68.44
VIETNAM49.01
AUSTRIA48.49
CHINA48.36
POLAND44.22
KOREA42.78
KENYA32.12

Worst 10 Markets YTD

CountryChangePct
PAKISTAN-32.51
QATAR-18.09
OMAN-15.51
BOTSWANA-12.26
LEBANON-10.21
ISRAEL-6.52
SRI LANKA-0.91
UNITED ARAB EMIRATES-0.62
RUSSIA-0.37
EGYPT0.62

Best 10 Markets Last 12 months

CountryChangePct
ZIMBABWE147.22
JAMAICA78.93
ARGENTINA76.13
KAZAKHSTAN59.21
VIETNAM47.83
AUSTRIA46.15
POLAND45.55
CHINA44.95
KOREA37.77
KENYA33.80

Worst 10 Markets Last 12 months

CountryChangePct
PAKISTAN-29.91
QATAR-17.69
OMAN-14.51
LEBANON-13.55
BOTSWANA-9.30
ISRAEL-7.63
SRI LANKA-5.43
UNITED ARAB EMIRATES-2.96
RUSSIA-1.43
NEW ZEALAND0.22

Country Average Sovereign+Corporate USD Yields Ordered By YTD Yield Change

countryYieldYieldChange
Venezuela36.7513.04
Canada9.131.56
Israel5.030.80
Lebanon7.430.54
France6.360.08
Bahrain5.820.03
United States5.720.02
Qatar3.620.00
Oman4.90-0.03
Korea (South)3.92-0.09
Pakistan5.75-0.17
China4.05-0.19
Philippines3.25-0.36
South Africa5.10-0.37
Netherlands4.26-0.41
Thailand3.02-0.44
Jordan5.73-0.52
Germany3.78-0.56
United Arab Emirates4.02-0.60
Lithuania2.39-0.63
Chile4.46-0.67
Guatemala4.23-0.67
United Kingdom4.70-0.68
Peru3.53-0.69
Morocco3.73-0.71
Russian Federation3.85-0.72
Poland2.64-0.77
Trinidad and Tobago4.64-0.77
Malaysia3.43-0.78
Azerbaijan4.85-0.80
Panama3.57-0.82
Hungary3.04-0.83
Turkey5.17-0.89
Indonesia3.80-0.89
Colombia4.29-0.90
Romania3.28-0.91
Mexico4.33-0.97
Cote D'Ivoire (Ivory Coast)5.67-0.99
Costa Rica5.96-1.02
India3.98-1.04
Croatia (Hrvatska)3.17-1.05
Brazil5.35-1.10
Uruguay3.68-1.17
Luxembourg9.72-1.22
Vietnam3.52-1.29
Serbia3.10-1.37
Dominican Republic4.88-1.42
El Salvador6.49-1.42
Kazakhstan4.16-1.56
Jamaica7.05-1.70
Sri Lanka4.79-1.70
Egypt4.76-1.73
Ghana6.30-2.04
Argentina5.81-2.07
Ukraine6.60-2.10
Ecuador6.33-2.28

Chart: Argentina yields contraction pushes equities

Significant improvement in bonds markets translates into stellar equity performance (View more on Argentina macro, one of the best markets this year)

Source: ML

Download file in Power Point
  • EMERGING MARKETS-Economic data, Fed lift emerging stocks to 2 ...
  • World markets climb along with the dollar and US bond yields
  • Oaktree's Howard Marks Surveys a Pricey Market
  • Markets Live: Rally fizzles ahead of US earnings
  • Push on with the 'great unwinding', BIS tells central banks
  • EMERGING MARKETS-Turkish lira hit by inflation jump, lags ...
  • Markets Have Nothing Left to Fear But Fearlessness Itself


    Comment

    Weekly performance is between 2017-12-13 and 2017-12-08

    Best global markets week to date EM LATIN AMERICA +1.12%, EM (EMERGING MARKETS) +0.72%, EFM ASIA +0.67%,

    While worst global markets week to date FM (FRONTIER MARKETS) 0.01%, USA 0.42%, EUROPE 0.47%,
  • US stocks rise as Republican loss seen as catalyst
  • Hong Kong stocks rise most in three weeks on strength of US and ...
  • The Evolution of Emerging Markets
  • EMERGING MARKETS-LatAm currencies firm on bets of slower US ...
  • China stocks end higher, consumer and transport firms lend support
  • China stocks slip as financials weaken; Hong Kong firm ahead of ...
  • Stronger than Expected Eurozone Industrial Production Fails to ...
  • European equities rise as US Fed meets
  • Where The 2018 Oil Price Forecasts Could Be Derailed
  • Pipeline bottlenecks push Canadian oil price to deepest discount in ...
  • Steel market conditions bullish but investors not buying it
  • Does 2018 Bode Well for US Steel Prices?
  • 2018 Inflation 'Concerns' See Gold Price Rally Before Fed Rate Rise
  • Gold Rate Today: Gold futures up Rs 40 as participants create position

    Best since the start of the week among various stock markets were QATAR +6.88%, CHILE +6.23%, GREECE +3.62%, NEW ZEALAND +3.27%, JORDAN +2.73%, JAMAICA +2.61%, COLOMBIA +2.34%, RUSSIA +2.32%, AUSTRALIA +1.89%, HONG KONG +1.64%,

    While worst since the start of the week among various stock markets were PAKISTAN -3.82%, NIGERIA -3.03%, LITHUANIA -2.46%, ZIMBABWE -2.10%, ESTONIA -2.04%, ROMANIA -1.80%, SRI LANKA -1.71%, ITALY -1.52%, BANGLADESH -1.51%, BOTSWANA -1.35%,

    News

    Chose Your Country

    Best 10 Market Since the begining of the week


    QATAR 6.88%

  • macro strategy bonds quick news
  • Turkey's President Erdogan meets Qatar's Emir
  • Sheikha Moza, Prime Minister attend QF event
  • Qatar | Economy Resilient Despite Blockade
  • Qatar to deepen venture capital financing for SMEs
  • Innovation strategies key to seize Qatar's energy sector potential
  • Qatar import growth turns positive as sanctions impact fades
  • Qatar budget to increase higher capital spending in 2018
  • Qatar debt burden 'still low' on global comparison, says BMI

    CHILE 6.23%

  • macro strategy bonds quick news
  • Chilean Presidential Candidates Face-off Before Next Round
  • Chile: From Repression to Remembrance
  • House Hunting in … Chile
  • Copper Won't Lead Chile's Investment Recovery
  • World Bank Opens Office in Chile, Capping 72 Years of Partnership
  • Elections in Chile: The return of the right
  • Chile 2018 budget proposal allows for $8.5 bln in debt -document
  • Did Sociedad Química y Minera de Chile SA (NYSE:SQM) Create ...

    Econ events
    momenteventForecastConsensus
    2017-12-15Interest Rate Decision

    GREECE 3.62%

  • macro strategy bonds quick news
  • FM Nalbandian meets with President of Greece in Athens
  • Greece: Clashes near PM's office over bailout labor reforms
  • Greece sees primary surplus at 3.82 percent, GDP growth 2.5 ...
  • The Three Investments that Could Change Greece's Fate
  • Europe's Growing Muslim Population
  • Greek government allocates €1 billion for the poor
  • Exclusive: Greece to overshoot budget surplus targets in 2017, 2018 ...
  • IMF's Lagarde says restructuring Greece's debt essential

    NEW ZEALAND 3.27%

  • macro strategy bonds quick news
  • NZ aid for solar power and education on Nauru
  • Fake News? Former New Zealand Prime Minister Denies Investing ...
  • New Zealand government unveils plans to boost spending, sees ...
  • Books point to tight cost pressures ahead for new Government
  • New Zealand government unveils plans to boost spending, sees ...
  • Treasury sees greater inflationary pressure, higher interest rates
  • A review of things you need to know before you go home on ...
  • Grant Robertson warns paying off most of New Zealand's debt is ...

    JORDAN 2.73%

  • macro bonds quick news
  • Thank you President Trump
  • King meets Malaysian, Pakistani prime ministers in Istanbul
  • Making the case for trade in Jordan
  • Making the case for trade in Jordan
  • Making the case for trade in Jordan
  • Making the case for trade in Jordan
  • 2018 National Budget “disastrous”; tax amnesty smacks of a deal ...
  • Jordan: Debt ceiling deal didn't address $20 trillion debt

    JAMAICA 2.61%

  • macro bonds quick news
  • NMIA Divestment to be Completed by 2019
  • PM Urges Increased Private-Sector Investment
  • Senator Aubyn Hill Appointed Executive Director of Economic ...
  • Senator Aubyn Hill Appointed Executive Director of Economic ...
  • Renovated Balaclava Health Centre Reopens
  • Briefing | What to expect of Jamaica's economy
  • Property tax: what's the problem?
  • Shaw accepts Man of the Year Award on behalf of Government ...

    COLOMBIA 2.34%

  • macro strategy bonds quick news
  • This Presidential Hopeful Wants to Rewrite Colombia's Peace Deal
  • People once at odds don't try to even the score
  • Colombia should pause on interest rate cuts after S&P move ...
  • COLOMBIA: Oil Companies Should Invest At Least US$ 4.5 Billion In ...
  • Where Are the World's Most Fragile Cities?
  • Colombia's Lost Opportunity
  • Colombia's 2018 budget cuts: What should we expect?
  • How S&P's lower rating affects Colombia

    Econ events
    momenteventForecastConsensus
    2017-12-14Interest Rate Decision5%
    2017-12-15Industrial Production YoY OCT-2.90%
    2017-12-15Retail Sales YoY OCT1.40%
    2017-12-18Consumer Confidence NOV-12.14
    2017-12-18Imports YoY OCT
    2017-12-18Balance of Trade OCT
    2017-12-21Business Confidence NOV-6.52

    RUSSIA 2.32%

  • macro strategy bonds quick news
  • Vladimir Putin 4.0 — Russia's wartime president
  • Russia's defense minister has been showing up in unexpected ...
  • Russian Economic Growth Slides, Structural Issues Loom Large
  • Putinomics Loses Its Power in Russia
  • Shinzo Abe said it, did his peers hear?
  • Russia's exports in three quarters of 2017 up to $255 bln — PM ...
  • Russia's budget revenue up by 19.1 pct in Jan-Oct
  • US Tightens Russia-Debt Sanctions

    Econ events
    momenteventForecastConsensus
    2017-12-15Industrial Production YoY NOV2.90%
    2017-12-15Interest Rate Decision8%
    2017-12-18PPI MoM NOV0.60%
    2017-12-18PPI YoY NOV1.70%
    2017-12-19Real Wage Growth YoY NOV
    2017-12-19Retail Sales YoY NOV1.40%
    2017-12-19Unemployment Rate NOV4.80%

    AUSTRALIA 1.89%

  • macro strategy bonds quick news
  • Australia's Palestinian and Jewish communities react to Trump's ...
  • Australian PM says government at risk if it loses Sydney by-election
  • Census numbers a signpost for economic growth and where jobs are
  • World growth cycle just starting to pick up pace
  • Population growth may not be enough to prevent a downturn in ...
  • Australian Sex Pills Are a Sign of China's Consumer Shift
  • Australian universities step up pressure over budget cuts
  • Bank regulator hints at high loan-to-income mortgage crackdown

    Econ events
    momenteventForecastConsensus
    2017-12-13Westpac Consumer Confidence Change DEC
    2017-12-13Westpac Consumer Confidence Index DEC97
    2017-12-14Unemployment Rate NOV5.60%
    2017-12-14Participation Rate NOV65.06%
    2017-12-14Full Time Employment Chg NOV10.8K
    2017-12-14Employment Change NOV23.8K
    2017-12-14Part Time Employment Chg NOV6.9K
    2017-12-15Consumer Inflation Expectations DEC4%
    2017-12-18New Motor Vehicle Sales MoM NOV
    2017-12-18New Motor Vehicle Sales YoY NOV
    2017-12-19RBA Meeting Minutes
    2017-12-20Westpac Leading Index MoM NOV

    HONG KONG 1.64%

  • macro strategy bonds quick news
  • Legislature president rejects debate on 80th anniversary of Nanjing ...
  • South Korea bucks the global trend with corporate tax hikes
  • Hong Kong raises base rate by 25 basis points in lockstep with US ...
  • China Factory Output, Investment Slow While Consumption Firms
  • Centurion's Hong Kong debut draws major interest from retail investors
  • DTI sees more growth in merchandise exports
  • Public education benefits from IPI contributions
  • Hong Kong property to slow if Fed delivers rate hikes - IMF

    Econ events
    momenteventForecastConsensus
    2017-12-14Industrial Production YoY Q30.41%
    2017-12-18Unemployment Rate NOV3.40%
    2017-12-21Inflation Rate YoY NOV2.50%
    2017-12-21Current Account Q3H$ 38.5B

    Worst 10 Market Since Begining of the Week


    PAKISTAN -3.82%

  • macro strategy bonds quick news
  • Pakistan views Palestine issue at par with Kashmir issue: COAS
  • Gujarat elections: Manmohan hits back with gusto, as Modi's ...
  • IMF lauds healthy economic growth in Pakistan
  • ADB maintains growth forecast at 5.5 percent in FY18
  • Fill the Nutrient Gap Pakistan, Summary Report (September 2017)
  • Pakistan textile, clothing exports post 7.72% growth
  • Debt repayment clocks in at Rs445.4 billion in July-Sept
  • CPEC could develop into Pakistan's debt trap

    NIGERIA -3.03%

  • macro strategy bonds quick news
  • Nigerian Court Drops Most Asset Declaration Charges Against ...
  • British Prime Minister Theresa May Loses Key Brexit Vote
  • Nigeria: The Rural Road to Economic Development
  • Need for integrity in the SEC probes
  • Federal government raises alarm over Nigeria's population growth
  • Nigeria exports $9.7m, earns N69bn from solid minerals — NEITI
  • Kachikwu: Oil Revenue May Not Fund Nigeria's Budget in 20 Years ...
  • Nigeria's debt service ratio falls to 45%

    Econ events
    momenteventForecastConsensus
    2017-12-14Balance of Trade AUG
    2017-12-14Balance of Trade JUL
    2017-12-14Balance of Trade SEP
    2017-12-15Inflation Rate YoY NOV15.80%
    2017-12-19Food Inflation YoY NOV20.41%

    LITHUANIA -2.46%

  • macro bonds quick news
  • Lithuanian government works without President's support: PM
  • Lithuanian government works without President's support: PM
  • Investment pushes Lithuanian GDP growth to 3.4% y/y in Q3
  • Investment pushes Lithuanian GDP growth to 3.4% y/y in Q3
  • Lithuania's shrinking working population and the war for talent
  • Investment pushes Lithuanian GDP growth to 3.4% y/y in Q3
  • Lithuania's defense budget to grow steadily in future
  • Lithuania aiming to obtain Gazprom fine from firms buying gas - portal

    ZIMBABWE -2.10%

  • macro bonds quick news
  • Did the artist Kudzanai Chiurai foresee the fall of Zimbabwe's ...
  • Graceless: Women warned off politics in Zimbabwe
  • How Zimbabwe's economy has collapsed under Mugabe
  • How Zimbabwe's economy has collapsed under Mugabe
  • Zimbabwe: 10 numbers that will help you understand what's actually ...
  • GLOBAL COMMENT: China factor in Kenya, Zimbabwe
  • Zimbabwe: An Analysis of 2018 Budget - a Mineral Resource ...
  • Afreximbank pledges up to $1.5 billion to post-Mugabe Zimbabwe

    ESTONIA -2.04%

  • macro bonds quick news
  • Former Estonian president Ilves to receive World Leader in ...
  • Prime Minister of Estonia to celebrate Chanukah at EJCC
  • Estonian economic growth slows down to 4.2% y/y in Q3
  • S&P affirms Estonia's AA- rating with stable outlook
  • Estonia, the Digital Republic
  • SEB: Nordic Outlook: The world economic situation is improving ...
  • Estonia passes 2017 record level budget spending to bolster defense
  • NATO Chief: US Allies to Spend $12 Billion More This Year

    ROMANIA -1.80%

  • macro strategy bonds quick news
  • Armenian President holds farewell meeting with Ambassador of ...
  • Romania: Applause greets ex-king's coffin at Royal Palace
  • Erste raises Romania 2017 growth fcast, sees gradual rate hike in ...
  • China-Topping Growth Sparks Troubling Flashback in Romania
  • INS: Negative population growth recorded in Romania, in October
  • Romania's exports and imports accelerate in March to new record ...
  • Romania's Jan-Oct budget gap widens
  • Romania sells planned 400 mln lei of Oct. 2020 treasury bonds

    SRI LANKA -1.71%

  • macro bonds quick news
  • GMOA urges President not to implement Cabinet proposal
  • Malaysian Prime Minister to visit Sri Lanka on December 17
  • SL drops 14 places: WEF GCI report
  • Sri Lanka ICTA Welcomes MOQdigital to Colombo
  • Aging to impact Sri Lanka productivity growth
  • SL drops 14 places: WEF GCI report
  • Sri Lanka approves 2018 budget, aims for more investment
  • Why India is buying the world's emptiest airport

    ITALY -1.52%

  • macro strategy bonds quick news
  • The date for next year's Italian general election has been set: reports
  • Berlusconi suggests Italian general could be next prime minister
  • Italian Economic Growth Revised Down as Demand, Exports Rose
  • Italy's business association raises 2018 national growth forecast to ...
  • Quebec population rises to 8.4 million as growth rate increases
  • “Made in Italy” exports keep accelerating: 4% growth in the next four ...
  • Italy budget deficit narrows year-on-year in November
  • Italy debt up to 2.283 trillion in Sept (2)

    Econ events
    momenteventForecastConsensus
    2017-12-133-Year BTP Auction
    2017-12-137-Year BTP Auction
    2017-12-1330-Year BTP Auction
    2017-12-13Industrial Production MoM OCT0.03%
    2017-12-13Industrial Production YoY OCT5.07%
    2017-12-14Harmonised Inflation Rate MoM Final NOV-0.20%
    2017-12-14Harmonised Inflation Rate YoY Final NOV1.10%
    2017-12-14Inflation Rate MoM Final NOV-0.20%
    2017-12-14Inflation Rate YoY Final NOV0.90%
    2017-12-18Balance of Trade OCT
    2017-12-19Current Account OCT? 3380.1M

    BANGLADESH -1.51%

  • macro bonds quick news
  • President seeks rock solid OIC stance on Jerusalem issue
  • Hasina urges French to invest in Bangladesh
  • Bangladesh's economic growth hits record 7.28% in FY17
  • Hasina urges French to invest in Bangladesh
  • The ticking population bomb
  • UPDATE 2-Bangladesh November exports up 6.2 pct y/y, lifted by ...
  • Tax revenue has doubled in the past 10 years, says SARS
  • Emergence of South Asia as the fastest growing region is a major ...

    Econ events
    momenteventForecastConsensus
    2017-12-18Inflation Rate YoY NOV6.50%

    BOTSWANA -1.35%

  • macro bonds quick news
  • Zim, Botswana to ink MOUs
  • Botswana agrees to recognise transgender man in landmark case
  • Botswana: Government Keen On Technology
  • Gabaraane to take the reigns of Stanbic bank Zambia
  • Export diversification will boost Africa's GDP growth - Lagarde
  • 2020 & beyond: a vision for the SA beef industry
  • Mmegi Online :: Mid-term national budget in surplus
  • Nzwere solidifies Seed Co market position

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